Selling Poinciana One Property at a Time.

BB, Thank you. We are just starting to see short sales here and I more than appreciate that you woke me up, set me on the right path to actually make a difference in the lives of people that really need it.

By the way, charging an up front fee for all you do is more than reasonable IMHO.

Hope you and TLW are as comfortable as can be expected. Been thinking about the 2 of you.

Hey Broker B!  Sounds like a pretty smart strategy to me. 

And give your bride a big hug from me!  I'm saying prayers for tomorrow.

I've never thought about it this way, but I think you are right. But here's the question: Some of them are in financial strap to begin with. Then No to these people who couldnt pay you an upfront fee?

Loreena, Of course as you and I have discussed before we always have to use our judgement. BUT I took that into consideration when I set my fee very low. Just as in my regular business there always cases where I may choose to work for less and sometimes even for free. I want to help. I also have to make a living. Remember I am mostly dealing with properties well less than a $100K.

Andrea, Helping people should always be our top priority. The money will take care of itself.

Pat, We are both very nervous about tomorrow. I stopped to blog for an hour as a distraction. Now I'm done.

BB - Glad to see you here, given all you are having to deal with. My ery best wishes for TLW tomorrow.

Is that fee retained if the deal goes through?

Jeff

I havent handled short sales in a while but I have taken the same stance that if I do I will be charging an upfront fee for my time and services.

Interesting strategy. This is a good way to separate the committed from the casual want to sell-er.

Bryant,

You have to respect yourself first! Those that don't understand or see the relevance should go to work by the hour.

In a short sale the sellers can easily just give up, from frustration! Getting the short sale package up-front is a great idea, it should be mandatory!

Well done!

All our best to Billie!

Bill

BB-My hat goes off to you for working so hard for these folks.  I liked your comment to Loreena, using your judgement and being flexible as needed.

I understand why you charge the fee.  Short sales are SO time consuming.  I haven't dealt with one on the listing end for quite some time and dread the day I have to. 

I'll be thinking of you and TLW tomorrow.  Hang in there :)

BB- This most likely weeds out the ones that are not serious and just want a free ride...

Thoughts across the Pacific and miles across country to you both.

BB ~ Although I have only participated in 1 successful short sale transaction. can see why you would want to charge an up-front fee.  Our local real estate market has not suffered as much as others throughout the country and we are just now seeing an increase in the numbers of short sales in the market. 

Bryant, are you really charging a upfront fee? That sounds like a good strategy but I am afraid some people might be scared off.

I read your previous post about charging the upfront fee for your short sale listings. This one is also good. So did you list this one?

I like that you charge an upfront fee.  I've worked on more than a handful of short sales that cost me money, time and... SANITY.

If they aren't making their mortgage payments or paying their bills, they've got to have some extra money laying around somewhere.  I'm sure this ensures cooperation on the part of the sellers then as well.  I've also had the problem that once the property is listed the sellers become difficult to communicate with. 

Great advice. 

Prayers of healing to TLW!  Hang in there... both of you!

Bryant...

There has to be times when we need some revenue to make things happen ... this is a business and not a lottery, and sometimes you have to pay to stay in the game.

BB, What I admire is that you are running your business. As good as you are, you cannot take on everyone. Some people have to be turned away. You are the decision maker and you have to do what is right for yourself first. When you take a seller on, they are the lucky one to get to work with such an expert! You give your all and with wonderful results.

Thinking about your both.

Hi BB, This sounds like a helpful strategy to wed out the maybes from the serious sellers. It sounds like a plan to get seller cooperation which is sorely needed especially in a ss transaction.

Good for you! Short sales are not for everyone. I've done two and a foreclosure. I don't want any more. I like the idea of your fee to the sellers.

BB- I have the same question as others- some of these people have NO $$- what do you charge up front, and do you re-imburse ir/when the sale goes through?

Hi BB - This is interesting.  When I was practicing law I used to charge a small fee for an initial consultation, which was supposed to be a meeting of about 20 minutes, but often stretched into over an hour.  If I didn't charge a fee and establish immediately that my time was valuable, they would bring every legal question they could dream up, including hypotheticals, and would camp out in my office all day.  If they didn't want to pay, I didn't waste my time with them.  I had plenty of paying clients whose matters I could be working on.  I think it should work well for you in your situation.

I will be thinking about you and TLW tomorrow.  I will imagine a white light of healing around her, as well as including you both in my prayers, as I have been.  Take care of yourself too, Bryant.

Our title company has started charging an initial fee to get started and I have not had any complaints so far.  If I do, this is a great post to guide me in what to say - or just share it with them.  Thanks

... Hi Bryant !

One of the best parts of your post for me was this :

I fully understand that my services are not for everybody. Give it some thought and let me know if you decide to move forward. Make the decision that works best for you and your situation.

I absolutely love these lines, and just shows you are sincere and not desperate for their business.

Brilliant Bryant !!!! (hey that has a nice 'ring' to it !!! LOL )

Cheers !

Sheldon

...and of course, my bestest thoughts and prayers will be on the way for you and the Luvly one for tomorrow ... :o)

Hi BB... I love this post!  I have been dabating a business model similar to what you describe for exactly the reasons you have mentioned.  This post nudges me a bit further in that direction!  Thanks so much for sharing. 

You and Billie remain in my thoughts and prayers.

BB- The difference between a volunteer and a professional is a fee.  As a professional, a fee establishes your business.  a donation of time, effort or knowledge,  makes it a charity. 

While it is true you can help people, in order to stay in business you cannot help them for long, without a fee.

I think we will see more professionals protecting their businesses by recognizing that knowledge is a viable commodity.

Well Done!

All I can say is:

We are paid for what we know, not what we do.

If you have the expertise and on-going business, you must prioritize your time.  Consumers who are willing to pay up front for your knowledge will benefit. 

This is a market based fee.  If there were no market for your services, you wouldn't have an up front fee.  Since there is a dearth of expertise in short sales in your market area, you have rightfully made the decision to work for folks who are willing to pay for your expertise.

Good for you.

Brian, I liked this letter for many reasons, not the least of which is that there was no arrogance in your tone, only a sincere statement about the market and the way you do business. My favorite:

My market is saturated with folks that need help. Unfortunately I'm not able to help them all so I have these practices in place to help me to sort through and focus on the folks that I feel I have the best opportunity with helping them complete a successful Short Sale

BB... I see more and more of upfront transaction fees, its reasonable and does help seperate the real sellers from the market testers. Of course shortsales are not market testers... some folks just have a real hard time facing the facts and want a miracle.  If only we were miracle workers.

Best to TLW today, prayers sent for you both.

BB - You definitely have to prioritize your time and what better way to weed out the good from the bad apples. I really commend you for doing this, while staying true to yourself.

My best to you and TLW!

Hi all, There are folks who will not list with because of the fee. Although I have found them to be in the minority. Most have no problem with it and understand completely why I charge it.

You have to remember that I am offering to help them out of a very difficult financial situation and help them salvage some of their credit. Some haven't made any payments at all for a long time certainly they can come up with a small fee if they are really serious and motivated.

What I'm finding is that people get behind,m call their lender and the lender tells them to hire a realtor and put the property on the market and they may give them a short sale. The consumer has NO ideal what this means. They just call an agent and the agent comes over and lists the property. Maybe the agent has a clue and maybe they don't.

Before I get paid one cent I spend time talking to these folks to see if there may be options to stay in their house. If they want to stay then I can direct them to their lender to see about a loan mod. If they truly can't afford to keep the house or must move I then send them to an attorney to seek advice.

If all of this fails, we discuss placing the house on the market as a short sale. Just my prelisting advice alone is worth way more than my piddly little fee.

My fee is non-refundable and is not credited at closing. It is earned at time of listing and is not an advance fee. It's a fee for services rendered.

Interesting concept Bryant. I'm just wondering how many folks have $$ to pay you an upfront fee, considering they're close to losing their home to begin with.

Bryant, your reasons are very compelling and a good way to week out the people who will not be actively engaged in the short sale process to work together with you towards a successful result.  Short Sales are incredibly time intensive.  Thanks for the great post.

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